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OIL Elliott Wave Analysis: Wave (E) In Play

|Includes:iPath S&P Crude Oil Total Return Index ETN (OIL)

Crude oil has turned bearish recently, away from 104.00-104.50 resistance where we were looking for a wave (d) high. Notice that market turned nicely down, through the support channel line that confirms the bearish view for a three wave drop into wave (e) back to 100-101 area. Once those levels will be seen, we will turn bullish as big triangle since March could then be near completion. At the moment we see wave c) down in progress so triangle can already be in final stages.

OIL 4h Elliott Wave Analysis

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Stocks: OIL